Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 05/03/16 Update RTEC ($15.00, Buy; $17.00 PT): Beats And Guides Higher Despite Uncertain Macro Backdrop; Execution On Track; Buy
  • 05/03/16 Update AXTI ($2.65, Buy; $4.00 PT): 1Q/2Q Results/Outlook Above Consensus; InP Continues to Grow Driving Better Margins; Raising Estimates and PT from $3.90…
  • 05/03/16 Morning Note B. Riley AM Note: ACLS, AVP, AXTI, FARM, CKEC, ELNK, FN, FTD, HDSN, IDSY, IMMR, IVAC, LGF, LITE, MWW, PCTI, RDEN, ROG, ROVI, RTEC, SBH, SRI, TIVO,…
  • 05/03/16 Update CKEC ($29.91, Neutral; $30.00 PT): Q1 Results Meet/Exceed Consensus on Strong Attendee Metrics; Maintaining Neutral as Acquisition by AMC Remains…
  • 05/03/16 Update LGF ($22.28, Buy; $30.00 PT): Lowering Estimates on Final Q4 Box Office and More Conservative FY17/FY18 Views; Remain Positive on Stabilizing FY17…
  • 05/03/16 Update FN ($32.29, Buy; $42.25 PT): F3Q/F4Q Results/Outlook Above Consensus; Optical in a Major Upgrade Cycle; Raising Estimates and PT from $32.00 to $42.25;…
  • 05/03/16 Update IVAC ($5.00, Neutral; $5.25 PT): Beats On Early Display System Rev Rec, But 1H Sales Largely Unchanged; PT is $5.25
  • 05/03/16 Update LITE ($25.50, Buy; $31.50 PT): Earnings Preview: Expect F3Q/F4Q Results/Outlook to be In Line or Better; ROADMs in Two Major Cycles; Reiterate Buy
  • 05/03/16 Update HDSN ($3.45, Buy; $5.75 PT): Q1 ’16 Earnings Preview: Expect Results In Line or Above Estimates
  • 05/03/16 Update TYL ($146.15, Buy; $163.00 PT): Connect 2016 Takeaways; Reiterate Buy Rating and $163 Price Target
  • 05/03/16 Update ACLS ($2.74, Buy; $4.25 PT): Upside Print, Guides Moderately Lower; C16 TAM View Affirms Street. Buy, PT To $4.25
  • 05/02/16 Update WEYS ($28.00, Buy; $31.00 PT): We’re Expecting Weak 1Q16 Results as Unfavorable Winter Weather Contributed to Sluggish At-Once Orders in the Quarter
  • 05/02/16 Update PCTI ($4.50, Buy; $8.00 PT): Earnings Preview: Value Play in Back-end Weighted FY ’16; Building Complete System Solutions for Carriers
  • 05/02/16 Update IMMR ($7.28, Buy; $13.00 PT): Earnings Preview: Limited Visibility as IMMR Wrestles with Apple and Samsung; High-reward Situation but with Elevated…
  • 05/02/16 Update MWW ($3.26, Buy; $3.50 PT): Q1 ’16 Earnings Preview: Expect In Line Results; Update on Capital Allocation Priorities
  • 05/02/16 Update IDSY ($5.16, Buy; $8.00 PT): Earnings Preview: Model Transition to Profitability in Q3 ‘16; Value-priced M2M Business Trading at 1.3x FY ’16 EV/Sales
  • 05/02/16 Update FARM ($31.01, Buy; $33.75 PT): Expect Mixed FY Q3 ‘16; Bottom Line to Largely Benefit from Supply Chain Efficiencies from Consolidation of Plants
  • 05/02/16 Update Industry Update: The Weiser Consumer - Weekly Highlights (CL, FLWS, NWL, PG, PRGO)
  • 05/02/16 Update KTOS ($5.31, Buy; $9.00 PT): Earnings Preview: Target Programs Promise Growth, Topped with Increasingly Likely Tactical Unmanned Success
  • 05/02/16 Update ARC ($4.12, Buy; $5.00 PT): Q1 ’16 Earnings Preview: Expect In Line Results and Guidance
  • 05/02/16 Update Industry Update: Semi Cap Equipment Week #3 Results Preview (ACLS, IVAC, RTEC, KLIC, CAMT)
  • 05/02/16 Update Industry Update: Software Earnings Previews For The Week of May 2, 2016 (CALD, CSOD, GUID, NTCT)
  • 05/02/16 Update RNWK ($4.56, Buy; $7.50 PT): Q1 Earnings Preview; Expect Further Progress on Move Towards EBITDA/Cash Flow Breakeven Later This Year; Rhapsody CEO…
  • 05/02/16 Update OCLR ($5.05, Buy; $5.25 PT): Earnings Preview: Preannounced F3Q; Expect F4Q Outlook to be Above Consensus; ACO to be a Major Catalyst in CY16; Reiterate…
  • 05/02/16 Update Industry Update: Semi Week #3 Results Preview (AOSL, MCHP, ON)
  • 05/02/16 Update TYPE ($22.03, Buy; $30.00 PT): Reports Solid Q1 ’16 Results; Maintains Prior FY ’16 Guidance; Reiterate Buy Rating and $30.00 Price Target
  • 05/02/16 Morning Note B. Riley AM Note: AMC, ARC, AXTI, DRAD, FN, IL, JCP, KTOS, NEWP, NTRI, NWL, OCLR, PRMW, REIS, ROVI, RWNK, SWKS, TACT, TUES, TYPE, VFC, VIAV, VSAT;…
  • 05/02/16 Update NEWP ($22.99, Neutral; $23.00 PT): Discontinuing Coverage Of Newport Corporation, Inc.
  • 05/02/16 Update ROVI ($17.40, Buy; $29.00 PT): Upside Q1 Results Take a Back Seat to Confirmed Acquisition of TIVO; Optimism on ROVI Renewal/Growth Opportunity to…
  • 05/02/16 Update AMC ($28.18, Neutral; $34.75 PT): Reports Mixed Q1 Results; Competitive Pressures Adversely Impacting Theater Remodel Returns; CKEC Acquisition to…
  • 05/02/16 Update Industry Update: Optical Components - 1Q Earnings Season Week #1 Highlights (CIEN, FNSR, IPHI, LITE, NPTN, OCLR)
  • 05/02/16 Update TUES ($8.68, Neutral; $9.00 PT): Comps Accelerated in Q3; Light GM% due to Transitional Supply Chain Headwinds; Cost Benefit Poised to Kick in with…
  • 05/02/16 Update VIAV ($6.51, Buy; $8.25 PT): Earnings Preview: Expect Mixed Print Based on Macro Headwinds; Maintain Buy
  • 05/02/16 Update DRAD ($5.83, Buy; $7.00 PT): Reports Q1 ’16 Top and Bottom Line Results Above Our Estimates: Integration On Track; Slightly Raising Estimates and…
  • 05/02/16 Update NTRI ($22.02, Buy; $41.00 PT): 1Q16 Preview—Comfortable with Consensus and Our Estimate of $0.06
  • 05/02/16 Update NWL ($45.54, Buy; $54.00 PT): Strong 5.6% Core Sales Growth; Post-Jarden Guidance Exceeds Street Estimates; Raising EPS Estimates and Price Target…
  • 04/29/16 Update TACT ($8.67, Buy; $12.00 PT): Q1 ’16 Earnings Preview: Expect In Line Results; Difficult Comp Against Prior Year’s Outsized Gain in Lottery, but…
  • 04/29/16 Update IL ($9.12, Buy; $14.25 PT): Earnings Preview: Expect In Line or Better Q1 Results
  • 04/29/16 Update VFC ($62.41, Neutral; $63.00 PT): 1Q Sales/EPS Beat, but Operating Income Fell Short of Expectations; FY16 Guidance Reiterated, but Lower Tax Rate…
  • 04/29/16 Update PRMW ($11.04, Buy; $13.00 PT): Q1 ’16 Earnings Preview: Expect In Line or Better Quarter; Sustainable Long-Term Growth Leads to Higher Valuation;…
  • 04/29/16 Update FN ($32.19, Buy; $32.00 PT): Earnings Preview: Strong Optical to Drive In Line or Better F3Q/F4Q Results/Outlook; Multiple Growth Catalysts in CY16
  • 04/29/16 Update AXTI ($2.71, Buy; $3.90 PT): Earnings Preview: Expect 1Q/2Q Results/Outlook to be In Line; InP Expected to be Main Growth Driver in 2016; Reiterate…
  • 04/29/16 Update VVI ($30.63, Buy; $39.25 PT): Reports Q1 Results; Raises FY ’16 Guidance A Bit More Than We Anticipated
  • 04/29/16 Update MCS ($19.60, Buy; $25.50 PT): Upside Q1 Results on Strength in Both Theaters and Hotels/Resorts Divisions; Improved Optimism for Continued Industry…
  • 04/29/16 Update PRGX ($4.78, Buy; $6.25 PT): Q1 ’16 Earnings Preview: Expect In Line or Better Results and Guidance
  • 04/29/16 Update Industry Update: Internet Earnings Preview for Week of May 2, 2016 (ABTL, GDDY, PCOM, RUBI, TRUE, WEB, XOXO, YELP)
  • 04/29/16 Update OUTR ($40.08, Buy; $58.00 PT): Q1 Results Exceed Our Above-Consensus Estimates; Stabilizing Redbox Trends, Surprising ecoATM Results and More Efficient…
  • 04/29/16 Update BLKB ($61.28, Buy; $77.00 PT): Reports Q1 ‘16 Results; Maintains FY ’16 Guidance; Reiterate Buy Rating and $77.00 Price Target
  • 04/29/16 Update CL ($71.16, Neutral; $71.00 PT): A Solid Start to 2016; Raising Estimates on Less Negative FX and PT from $69 to $71
  • 04/29/16 Update IDCC ($57.11, Buy; $69.00 PT): Upside Q1 Results; iPhone Timing/Weakness to Pressure Q2 Results; Remain Optimistic on 2H16/2017 Momentum with Expected…
  • 04/29/16 Update TYL ($143.24, Buy; $163.00 PT): Reports Strong Q1 Results; Reiterates FY ’16 Guidance; Increasing Estimates and Price Target Slightly; Reiterate…
  • 04/29/16 Update BCOV ($6.20, Buy; $9.40 PT): Beat 1Q16 and Offered Mixed 2Q Guide; Fundamentals Intact and Momentum Growing; Reiterate Buy with $9.40 PT
  • 04/29/16 Update WMAR ($9.75, Buy; $12.00 PT): Q1 Beat Across The Board; Massive GM% Expansion as Focus On Improving Profitability Becomes Evident; Reiterate Buy &…
  • 04/29/16 Update GPX ($23.78, Buy; $27.00 PT): Reports Disappointing Q1 ’16 Results; Reducing Estimates and Price Target; Reiterate Buy Rating
  • 04/29/16 Update COHU ($11.39, Buy; $15.00 PT): Portfolio Performing Well, Gross Margins Surging In 2Q16; Reiterate Buy, $15.0 PT
  • 04/29/16 Update WWW ($18.95, Neutral; $17.00 PT): We’re Essentially Anticipating In Line 1Q Results given Modest Expectations, but We now Believe that the Balance…
  • 04/29/16 Update SQNS ($2.32, Buy; $3.30 PT): Near Term Headwinds In Qtr But LT Growth Drivers Remain Intact; PT To $3.30
  • 04/29/16 Update IPHI ($31.09, Buy; $41.75 PT): 1Q/2Q Results/Outlook Above/In Line Based on Optical Strength; Raising EPS Estimates Slightly While Maintaining PT…
  • 04/29/16 Update FLEX ($12.31, Buy; $14.50 PT): Reports F4Q16 Slightly Lower Revs and Higher EPS; PT to $14.50 from $15.00
  • 04/29/16 Update BRKS ($9.88, Buy; $16.50 PT): Solid Qtr And Despite Lower Outlook Self Help Lifts F17 EPS Toward $1.00. Retain Buy
  • 04/29/16 Morning Note B. Riley AM Note: BC, BCOV, BHE, BLKB, BRKS, CL, CLX, COHU, COLM, COTY, CSGP, EL, ELNK, FLEX, GPX, GRPN, HSKA, IDCC, IPHI, LGF, MCS, NPTN, OUTR, P,…
  • 04/29/16 Update SWKS ($69.42, Buy; $91.00 PT): AAPL Takes A Big Bite But Execution Elsewhere Looks Robust; PT To $91.0, Retain Buy
  • 04/29/16 Update NPTN ($13.33, Neutral; $14.00 PT): 1Q/2Q Results/Outlook Above/Mixed; GM Contraction to be a S-T Issue; Raising FY16/17 Estimates and PT from $12.00…
  • 04/29/16 Update GRPN ($4.15, Neutral; $4.00 PT): Mixed Q, Greenshoots but Unpredictability Keeps Us on the Sidelines
  • 04/29/16 Update PCMI ($8.25, Buy; $14.00 PT): Reports Solid Q1 ’16 with Revenue/EPS Beat; Q2 Guidance Mixed Versus Our Estimates, but Reiterates ’16 Revenue and…
  • 04/29/16 Update CSGP ($194.50, Buy; $215.00 PT): Strong Q1 Results; Raise FY ‘16/’17 Estimates; Raising PT From $210 To $215
  • 04/29/16 Update RGC ($21.74, Neutral; $22.00 PT): Upside Q1 Results; Theater Enhancements Driving Impressive Returns and Market Share Gains; Optimistic Long-Term,…
  • 04/29/16 Update P ($10.21, Neutral; $10.00 PT): Beat 1Q16 as Local Grew Faster; Greenshoots But Want to See Sustainability; Maintain Neutral
  • 04/29/16 Update ELNK ($6.03, Buy; $10.00 PT): Earnings Preview: Shares Recovering Somewhat but Valuation Disconnect Remains Given $209MM/$214MM FY ‘16/’17 EBITDA…
  • 04/29/16 Update COLM ($60.16, Neutral; $59.00 PT): 1Q Beat and FY16 EPS Guidance Raised, but Back Half Sales Outlook Reined In and Operating Income Guidance Moves…
  • 04/29/16 Update BC ($48.43, Buy; $70.00 PT): Strong Retail Demand Not Yet Reflected in Wholesale Volume; Reiterate Buy & $70 PT
  • 04/28/16 Update TNAV ($5.77, Buy; $15.00 PT): Earnings Preview: Secular Growth Stock Trading Near 52-week Lows; New Auto Partnerships Provide Strong Setup for Growth
  • 04/28/16 Update SIMO ($39.89, Buy; $47.75 PT): Q1 Strong as Advertised: SIMO Lifts Guidance, Sees Client SSD Controllers up 100% in FY ’16 vs. 50% Prior View
  • 04/28/16 Update ROG ($58.26, Buy; $70.00 PT): Q1 ’16 Earnings Preview: Expect In Line or Better Results and Guidance
  • 04/28/16 Update HSKA ($29.58, Buy; $41.50 PT): Q1 ’16 Earnings Preview: Expect In Line Results; Update on Regulatory Progress and Cuattro International Transaction
  • 04/28/16 Morning Note B. Riley AM Note: BLKB, CSGP, DHX, DLB, DMRC, FLWS, FORM, LLNW, MPX, MRVL, OSIS, SIMO, SIX, SLAB, SNDK, SONS, SUP, TUES, TYL, TXN; EMS (IEC, KE, MFLX,…
  • 04/28/16 Update DHX ($7.40, Neutral; $8.50 PT): Reports Q1 ‘16 Within Guidance, but Results Miss Consensus; Guidance Down on Weaker Outlook for Energy and Slower…
  • 04/28/16 Update DMRC ($28.37, Buy; $44.00 PT): Beats on the Top and Bottom Line; Gearing up for GS1’s Official Launch in June; New Partnerships to Drive Sustainable…
  • 04/28/16 Update SIX ($61.33, Buy; $65.00 PT): Reports Q1 ’16 Results Above Our/Consensus Expectations; Raising Estimates and PT
  • 04/28/16 Update DLB ($42.48, Neutral; $46.00 PT): Upside Q2 Results/Outlook as iOS Integration Reinvigorates Mobile License Growth; Increasingly Optimistic on Margin…
  • 04/28/16 Update MPX ($8.56, Neutral; $9.00 PT): Delivers Solid Top and Bottom Line Beat; Strong Start to Selling Season, But We’re Downgrading to Neutral as Shares…
  • 04/28/16 Update LLNW ($1.75, Buy; $3.70 PT): Mixed Q and Guides Down; Nice Cash Generation as Operational Improvements Continue; Still Solid Value at 0.8x Revenue…
  • 04/28/16 Update TXN ($59.92, Neutral; $56.50 PT): Modestly Beats And Raises As Industrial And Auto Trump Soft Mobile; PT To $56.50
  • 04/28/16 Update OSIS ($59.58, Buy; $62.50 PT): Reports Mixed Fiscal Q3 ’16 Results; Guides Lower on Security Delays and Weaker Healthcare; Reiterate Buy and Lowering…
  • 04/28/16 Update Industry Update: EMS - March Quarter Earnings Preview Part 3, Week of May 2nd (IEC, SPA, KE, MFLX)
  • 04/28/16 Update FORM ($7.48, Buy; $10.00 PT): In-Line Results But 2Q’s Guide Is Better, Back On Track Into Attractive CSCD Deal
  • 04/28/16 Update SUP ($26.12, Neutral; $26.50 PT): Strong Q1 Results Slightly Above Preannouncement; Reaffirms Recently Raised 2016 Guidance; Maintain Neutral and…
  • 04/28/16 Update SONS ($8.36, Buy; $12.25 PT): Macro Fears Overblown Based on Strong Bookings Momentum; Raising 2016 EPS Estimate; Maintaining PT of $12.25; Reiterate…
  • 04/28/16 Update SLAB ($47.67, Buy; $60.00 PT): Beats On Record IoT and Infrastructure Sales, Growth Outlook Shines; PT To $60.0
  • 04/28/16 Update SNDK ($76.70, Neutral; $78.00 PT): 1Q16 Beat Led By Better SSD’s, Retail Share Gain. PT Remains $78.0; Neutral
  • 04/27/16 Update FLWS ($8.11, Buy; $11.00 PT): Better-Than-Expected Floral Results But Soft Fannie May—Modest FY16E EBITDA Reduction But Looking Toward a Stronger…
  • 04/27/16 Update CTG ($5.14, Buy; $5.75 PT): Reports Mixed Q1 ’16 Results; Reduces FY ’16 Guidance Slightly; Reiterate Buy Rating and $5.75 Price Target
  • 04/27/16 Update KLAC ($71.84, Neutral; $72.00 PT): GM’s Beat Again But Revenue Outlook the Real Surprise As G5 Optical Product Cycle Hits
  • 04/27/16 Update AKAM ($52.80, Buy; $70.00 PT): Beats 1Q16, Media Slows While Security Remains Strong; Solid FCF Generation in 2016; Reducing Estimates Slightly; Reiterate…
  • 04/27/16 Update DORM ($54.13, Neutral; $45.00 PT): Better Than Expected Q1, But Deceleration Impending Due to Market Share Loss
  • 04/27/16 Update PG ($79.55, Neutral; $74.00 PT): Stock -2% on Organic Sales Growth Deceleration and F4Q16 EPS Reduction on Higher Marketing Spending—Maintaining…
  • 04/27/16 Update ISIL ($13.15, Buy; $15.50 PT): Company-Specific Growth Broadens, Lifting Margins Toward Targets; Buy, PT $15.50
  • 04/27/16 Update CSCD ($20.76, Neutral; $21.00 PT): Strong Print, Guides 2Q16 Higher; Product And Execution On Track Into FORM Deal
  • 04/27/16 Update IPHI ($31.92, Buy; $41.75 PT): Earnings Preview: Expect 1Q/2Q Results/Outlook to be In Line or Better Based on Optical Strength; Reiterate Buy
  • 04/27/16 Morning Note B. Riley AM Note: AKAM, COLM, CSCD, CTG, DORM, DRAD, DWA, FLWS, HZO, IDCC, IIVI, IPHI, ISIL, KLAC, NPTN, NWL, PG, VFC